Crypto portfolio and tax manager CoinTracker has partnered with By The Book Accountancy to help UK crypto investors navigate the complexities of tax filing as the regulatory landscape continues to evolve.
According to a press release issued on Jan. 23, Cointracker has collaborated with accountant firm By The Book Accountancy to release a series of academic content and resources for UK crypto holders to simplify the complexities of tax filing in a compliant manner.
CoinTracker and By The Book Accountancy will offer a three-part educational Twitter Space series to assist UK crypto holders in preparing for tax season. Scheduled for January 24th, 26th, and 30th, the series will cover important topics such as NFT and crypto taxes, strategies for economizing, resources for finding experts, and understanding capital gains. This effort aims to help bridge the knowledge gap and ensure investors are informed before the January 31 tax filing deadline.
Renaud Besnard, Head of Marketing at CoinTracker, stated:
“As tax season approaches, it’s crucial that UK users are given the educational resources and tools to remain compliant. CoinTracker could not be more excited to team up with this reputable team and help make the process of filing crypto taxes efficient and straightforward.”
Recent developments in UK’s crypto regulation and taxation
Globally, the taxation of digital assets has undergone significant changes over the past year. The Financial Services and Markets Bill, which would give local financial regulators sovereignty over cryptocurrency, is currently being debated in the UK Parliament. The UK Treasury is assessing substantial changes to regulating the crypto sector.
In December last year, the UK government confirmed its intention to include cryptocurrency investors in the existing Investment Manager Exemption. This tax rule exempts foreign investors, including hedge funds, from paying taxes nationwide. The decision to extend it to crypto services may entice digital asset providers to relocate to the UK.
Furthermore, the UK government will soon hold talks with the Bank of England about creating a retail central bank digital currency (CBDC). Another significant initiative is the establishment of a new financial market infrastructure sandbox in 2023.